Payments giant Visa announced plans to expand its stablecoin settlement capabilities by utilizing the Solana blockchain.
Visa Starts To Use Solana Blockchain
Payments giant Visa announced plans to expand its stablecoin settlement capabilities by utilizing the Solana blockchain. The leader in global payments has previously moved millions in USDC between Visa’s partners on Ethereum and Solana.
In a statement issued on Tuesday, Visa disclosed its collaboration with merchant acquirers Worldpay and Nuvei to facilitate transactions using USDC instead of traditional fiat currencies. This process, known as settlement, involves transferring funds from a cardholder's account to the merchant's bank through a payment gateway.
USDC is a stablecoin pegged to the value of the U.S. dollar, with each token backed by corresponding reserves held by Circle, the company that issues USDC. This stablecoin plays a crucial role in the crypto world, providing users with a relatively stable currency in the volatile crypto world.
Visa's head of crypto, Cuy Sheffield, emphasized the significance of this move, stating, "By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we're helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa's treasury."
This announcement comes after Visa's earlier introduction of a system to pay for gas fees on Ethereum using Visa cards. The company has shown continued commitment to exploring the evolving crypto landscape.
